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H.R. 2056 · 115th Congress

Microloan Modernization Act of 2017

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IntroducedPassed one chamberPassed both chambersBecame law (gold)Resolution agreed to (full, dark)Failed or vetoed (gray)

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Passed the House without a recorded vote, then expired. It passed by voice vote or unanimous consent, which don't record how each member voted, but didn't become law before the 115th Congress ended.

SMD MurphySponsor
11 cosponsors · 8 D, 3 R
SMD Moulton NVD Velázquez DBR Bacon YCD Clarke GMD Meeks RKD Kind AHR Harris JGR González-Colón DKD Kilmer DSD Soto MTD Takano

2 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.

  1. House Introduced Apr 6, 2017
  2. House Passed Jul 24, 2017
What it does: CRS summary · Passed House amended · Jul 24, 2017

(This measure has not been amended since it was reported to the House on July 12, 2017. The summary of that version is repeated here.)

Microloan Modernization Act of 2017

(Sec. 3) This bill amends the Small Business Act, with respect to the Small Business Administration (SBA) Microloan Program (assisting low-income individuals to start and operate a small business), to increase from $5 million to $6 million the total amount of loans outstanding and committed to any particular intermediary (excluding outstanding grants) from the SBA business loan and investment fund for the remaining years of the intermediary's participation in the program.

(Sec. 4) SBA-designated microloan intermediary lenders may expend up to 50% (currently, 25%) of the intensive marketing, management, and technical assistance grant funds they receive from the SBA to provide information and technical assistance to small business concerns that are their prospective borrowers.

(Sec. 5) The SBA shall:

  • compare the operations of a representative sample of eligible intermediaries that participate in the microloan program and of eligible intermediaries that do not,
  • study the reasons why the latter do not participate,
  • recommend how to encourage increased participation by intermediaries in the microloan program, and
  • recommend how to decrease the associated costs for intermediary participation.

(Sec. 6) The Government Accountability Office shall evaluate:

  • SBA oversight of the microloan program, including oversight of participating intermediaries; and
  • the specific processes the SBA uses to ensure program compliance by participating intermediaries and overall microloan program performance.

Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov

About this bill and sources

Official title: Microloan Modernization Act of 2017

Latest action (Jul 25, 2017): Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.

Policy area: Commerce · Origin: House · Introduced: Apr 6, 2017

Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)

  1. House Introduced Apr 6, 2017
  2. House Passed Jul 24, 2017

No recorded floor vote found.